Shiba Inu is one of the most common memecoins in the market today. Coingecko data recorded a continuous upward momentum, with the token gaining almost 8.3% in the weekly time frame with gains also being made in the short term.
However, these benefits may not be as useful as Voyager recently moved 270 billion SHIB to several exchanges, namely Binance US, Kraken, and CoinBase.
Voyager was a centralized exchange that went bankrupt due to the collapse Capital of the Three ArrowsThe crypto hedge fund imploded back in June last year.
Recently, an exchange was received with a lawsuit by none other than FTX, another failed exchange that crashed this November, which tried to gain back almost $445.6 million in loan repayments to repay its own creditors.
#PeckShieldAlert ~$9.6M of cryptos transferred from Voyager to crypto-exchanges Coinbase, Binance US and Kraken, including ~4.9M $VGX (~$2.1M), 221k $LINK ($1.5M), 3,050 $ETH (~$3M), 270B $SHIIB (~$3M) in the last 12 hours pic.twitter.com/fiTOfToujD
— PeckShieldAlert (@PeckShieldAlert) February 2, 2023
Voyager Battleship
FTX and Voyager have an intertwined history. To see this connection, looking at the FTX lawsuit will be a must. According to the cost, exchange off trying to influence July 2022 loan payment that FTX made for Voyager.
FTX argues that since the payments were made on a date close to the collapse of the exchange, it is then legal to recover interest payments to repay FTX’s creditors.
The filing also covers Alameda Research’s own loan on Voyager.
One address 0x500a still has 6.8T $SHIBmaking the 18 largest holders of $SHIB pic.twitter.com/KZwAvBSElE
— PeckShieldAlert (@PeckShieldAlert) February 2, 2023
Totaling around $3 million, the 270 billion Shiba Inu could be Voyager’s answer to the FTX lawsuit. according to PeckShieldAlertone of the Voyager wallets is sitting on 6.8 trillion SHIB, making it the 18th largest whale of the token.
If FTX is successful in recovering its loan payments, we may see a larger transaction moving SHIB and other altcoins to exchanges that could cause pain for SHIB and the market as a whole.
Investors Should Be Careful At This Level
With Shiba Inu’s big move to the exchange, there is a possibility that this will be used to obtain liquidity to pay the $445.6 million lawsuit if Voyager loses.
The token is currently testing the resistance of $0.00001226 with support at $0.00001192 which may not be broken because it will depend on whether the billions of SHIB stored in the exchange will be sold to the open market or not.
Crypto total market cap at $1 trillion on the daily chart | Chart: TradingView.com
Shiba Inu Support Level
Investors and traders should be careful and watch Shiba Inu’s current support level as 270 billion SHIB sold to the open market could push the token below $0.00001192.
If the amount of Shiba Inu is sold, the token may drop to $0.00001117 or $0.00001038 support level.
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